ICMSA Publication


ICMSA Bulletin 101115/15: Rating Agency Confirmations

The ICMSA has noted the tendency, especially in the context of structured finance transactions, to include provisions stating that any amendments to the transaction documents are dependent on a confirmation being received from one or more of the major rating agencies (Rating Agencies) that such amendments will not result in a change (or withdrawal) of the existing rating of the debt (RAC).

To provide clarity to the market, ICMSA has sought to summarise the approach taken and the policy adopted by the Rating Agencies with respect to the provision of RACs.

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